how can i get money to buy a house and start a home business?

Question

I have been teaching in music studios for 15 years and I have been handling the business aspects as well. I know this business inside out. I need start up money to get ahead or wait 10 years (enough time to afford 20%) until i can buy said house and actually
start the business.

Answer 1

To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler
* Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy
* Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

Keep more money to buy a house, if you can generate money by doing part time job go for it. Work at home after your working hours or during weekend. go for the internet business which requires less of your time and the one that will not make you feel headache with web designing, or which require IT knowledge. Second, choose the internet based company which offer you the opportunity and at the same time giving you the convenience to start the business. Third, choose the business, which does not require big money to start it.

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Answer 3

My advice would be to first buy the house. You can perhaps find a deal for 0 down, as it is currently a buyer's market. (That's what I did)

Once you have purchased your home, it is much easier to get a loan for your business. Being that the housing market is slow, it would be a while before you have money for a home equity loan or a refi based on the loan to value.

But, you have much more leverage with the bank and even the SBA if you own collateral (like a house) and even better if you own property that is not your primary residence.

Don't let conventional thinking keep you from your dream. There are lots of opportunities out there for first time homeowners and small businesses.

Answer 4

There are plenty of lenders out there who will loan you 100% of the purchase price of a residence, if your credit history is good and you have sufficient income to service the debt. Down payments are no longer necessarily required to buy a home. Check with your bank, or see if anyone you know can refer you to an HONEST and REPUTABLE mortgage broker who they have had a satisfactory experience with. DO NOT pick a name out of the phone book or deal with a mortgage broker you don't know. There are so many ways to fleece you in that business, and half of the brokers out there are great, but the other half are simply trying to make as much money off of you as they possibly can, including putting you in the wrong product.

Answer 5

Sell tshirt printing! I own a tshirt printing company near San Antonio, Texas. I am looking for a straight commission salesperson. All you have to do is let pass out business cards, let people know that you can offer a service. Be an order taker. Where you are located doesn't matter. On a 100 shirt order, for instance, I pay a $100 commission. My prices are good, quality too. You can do this on your own time, and age doesn't matter. Contact me if I can help.

Answer 6

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Answer 7

Try getting an SBA loan, finding investors, or having family and friends loan you the money. These are some of the common ways people obtain start up capital for a business.